Monday, April 26, 2010

LendingTree


Anyone used LendingTree for investment loans?

3 comments:

Dallas ® on April 26, 2010 at 10:18 PM said...

I tried to about a year ago but their lenders wouldn't accept a loan for anything under 100K and my low income stuff isn't anywhere near that.

But I have used Bankrate.com. They lie about what the interest rate will be. Mostly resellers of loans on there that will treat you as if you have never bought a property and don't know what's going on. Lots of hidden fees with the one I used and they tried to do some game changing with a higher APR a few days before closing when I already had money tied into it with an appraisal.

Dail Stancill on April 26, 2010 at 10:58 PM said...

I've had no luck with lendingtree either. It did lead me to a couple of online social lending groups: Prosper.com and LendingClub.com. Both offer an auction format for buyers/sellers/investors of unsecured debt. Never tried it...still may...interesting concept, though...offers nice rates for investors...closer to hard money rates for borrowers...it is credit score driven.

Dallas ® on April 27, 2010 at 9:47 AM said...

I never saw Lending Club but have been to Prosper. They have low risk loans that lend at 6% as well as the hard money type stuff. I'd say there is likely less risk in a typical real estate hard money loan though because you have a property to back it with.

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